Valspar to take 4Q restructuring charge
By Furniture Today Staff -- Furniture Today, September 16, 2001
MINNEAPOLIS — Coatings supplier Valspar will take a $39 million pretax charge in the fourth fiscal quarter to implement a restructuring program eliminating excess capacity following its acquisition of Lilly.
The after-tax charge to fourth quarter earnings will be about 44 cents per share, the company said. Valspar's year ends Oct. 26.
As part of the restructuring, Valspar will lay off 350 employees, or 5% of its global workforce, along with shuttering seven plants and partially closing four other sites. At the time of the acquisition, Valspar planned to close eight to 10 plants, seven of which have already closed.
Richard Rompala, Valspar's chairman and chief executive officer, said the company's target for savings from the Lilly acquisition was $70 million and it already had taken actions to realize that savings. The new restructuring program "will increase the annualized savings to the $90 million to $100 million range. The increased savings from these actions are expected to be realized over the next two years, with more than half occurring in fiscal year 2003."
-
La-Z-Boy 4Q sales down 9.4%
Jun 24, 2007 -
Valspar's sales increase 10.7% in third quarter
Nov 6, 2005 -
Valspar sales up; charge hurts profits
Nov 25, 2001 -
Valspar’s sales increase 10.7% in 3Q
Oct 20, 2005
Featured Company
-
FurnitureCore.com
FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more
VIEW ALL GALLERIES
